Finding Text
Criteria: Under 2 CFR 200.512(a), auditees that expend $750,000 or more in federal awards must submit their Single Audit report within nine months of the fiscal year end. Condition: The auditee’s fiscal year ended August 31, 2024. However, as of the date of this report (October 2025), the Single Audit report has not yet been issued—exceeding the nine-month submission requirement by over four months. Cause: The delay occurred because the external auditors were engaged only in January 2025. The late engagement significantly reduced the time available for audit fieldwork, report preparation, and final review, resulting in the delayed issuance of the Single Audit report. Effect: Late submission constitutes noncompliance with federal regulations and may delay future federal funding or result in additional oversight. Repeat Finding from Prior Year: This is not a repeat finding. Recommendation: Management should ensure timely engagement of external auditors and provide complete financial information promptly after year-end to allow the Single Audit report to be completed and submitted within the required nine-month timeframe. Questioned Costs: N/A Corrective Action Plan Explanation of Disagreement with Audit Findings: There is no disagreement with the audit finding. Actions Planned in Response to Finding: Management acknowledges that the late engagement of the external auditors contributed to the delayed completion and submission of the Single Audit. To prevent recurrence, management will establish a proactive annual audit planning schedule that ensures auditor engagement well in advance of the reporting deadline Official Responsible for Ensuring CAP: Paul Walker, Chief Executive Officer Planned Completion Date for CAP: Immediately Plan to Monitor Completion of CAP: Management will maintain an annual audit calendar with milestone dates for financial statement preparation, auditor fieldwork, and report submission. The CEO will review progress monthly to ensure timely completion.